Bahrain Air back in the black
Manama, August 16, 2012
Bahrain Air, a leading low-cost carrier, has returned to profitability, posting a 67 per cent increase in revenue during June and July against the same period last year, on the back of a sound business model, said its CEO.
Seat factor also increased by 27 per cent during the corresponding period, added Richard Nuttall.
"Summer is traditionally the strongest season for all airlines, but given the turbulence in many of the traditional summer destinations, this result is a major achievement,” he added.
"This performance has enabled us to become fully current with all our government and quasi-government service providers in Bahrain and abroad since March 2012.
"We are currently putting every effort to reach an agreement with our creditors for the restructuring of our debts that accumulated as a result of the unfortunate events that took place in Bahrain and the region," he said.
"We are optimistic of our ability to improve our performance further in the coming months in the hope of continued stable economic, security and political conditions and receiving the required co-operation and support to our commercial operations from the authorities concerned," he said.
The results demonstrated an underlying strength and resilience in the business model, said Nuttall, who credited the achievement to the entire Bahrain Air team.
"There will be a slight downturn in the performance for August due to Ramadan, but after that we expect the rest of the year to be strong," he added.
"We would like to thank our customers and shareholders for their support and our suppliers and creditors who have been patient with us during the difficult months.
"We are also looking at cautious expansion in the coming months in a manner that will allow us to further improve our network and results," he said.
"The last few months have been very encouraging as we strive in our goal to be Bahrain's favourite airline," he added. – TradeArabia News Service